Investment Scams
A 62-year-old Ruby Macleod from Edinburgh (Scotland) saw an advertisement on Facebook – “invest £1000 for 30 days and get £3000 in return”. In the advertisement, she saw a famous TV show and a celebrity photo, which made her believe that the ad was authentic.
Ruby opened the website, and the website was looking professional – live charts, expert opinions and a Security seal with a UK flag. She received a call from a man claiming to be a “financial analyst” who was talking in a Scottish accent.
Ruby made her investment of £1000. Within a few days, when she logged into her account to found that her money had grown to £1450. She left happy, very happy, and invested £3000 again.
But after some days, the website stopped working. They stopped receiving calls, and in the end, all the money was lost.
Ruby said
“I thought I had made a very good investment, but I didn’t know that I was falling into a scam. Now I tell everyone that – if any offer looks too good, then be careful of it.
What is an investment scam?
An investment scam is a type of fraud where a scammer manipulates people’s minds to invest money. This scammer promises that in some time, they can get huge profits in short time, but in reality, they just take money from you and then disappear.
How do scammers attack?
- With the use of social media
Scammers create accounts on social media platforms like Facebook, Instagram, and LinkedIn to lure people to invest money.
- fake websites and apps
Some scammers make websites and applications that look legitimate. But as you transfer the money, they disappear.
- Phone call and email scam
Scammers impersonate themselves as agent of big financial companies and call or email victims and give them investment offers.
Situation in Scotland
In Scotland, many people become victims of this scam, especially older people and retired citizens. In most cases, to show themselves trustworthy, they talk in a Scottish accent and they use the local language and words.
How to keep yourself from investment scams?
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Always check:
Before investing the money in any company, check the legitimacy of their website, check reviews, and verify registration.
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Verify with FCA
Visit the Financial Conduct Authority (FCA) website to check the registration of the website.
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Avoid ‘Too good to be true’ Deals
If any offer looks too great, then understand that there is something wrong with it.
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Do not share personal information
Do not share your personal information, like bank details, on the phone or via email.
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Don’t be afraid of talking to someone
If you become a victim of any scam, then inform the police or the local council.
Help from the UK Government and the local council
- Action Fraud
The UK’s national reporting centre, where you can report any cybercrime or scam. (ActionFraud)
- ScamSmart
A programme run by the FCA that gives you information on how to avoid investment scams.
My opinion
According to me, people first should have financial awareness. Before trusting any scheme that promises very quick and very high earnings, do a thorough investigation.
The government and the local council should regularly train people to stay away from online scams and teach them the safest option for investing money.
Always keep in mind – money is not easy to earn, but it is very easy to lose. So, always be aware, keep yourself informed, and think before making any investment.
If you liked this article, then share it with your loved ones and keep visiting my website to stay aware and protected from the latest scams
About the Author
Duncan Paul Glasgow is a UK-based blogger focused on raising awareness about scams, promoting social well-being, and sharing positive, thought-provoking messages.
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